Morning Comments May 2, 2017
Tuesday, May 2, 2017, 8:05 AM
Submitted by: Landus Cooperative
Corn 1-2 lower
Beans 2-3 higher
CORN: On Monday, July futures closed up 11 cents at $3.77 1/2. December futures ended up 9 1/2 cents at $3.94 1/2. Widespread rains across the Midwest over the weekend, combined with heavy snow in wheat country pushed us higher. Funds kicked into short covering mode, buying 12,000 contracts of corn on the day. Planting progress report released yesterday showed 34% planted vs. 17% last week.
SOYBEANS: July futures closed up 14 cents yesterday, ending at $9.70 1/4. November futures closed + 11 1/4 at $9.64 1/2. Despite record South American supplies soybeans followed corn and wheat higher. USA weekly exports were above expectations. Planting progress report showed 10% planted this week vs. 6% last week.
Keep an eye on wheat today and the rest of this week, as we’re following that as much as anything. Chicago wheat is basically unchanged this morning, but more reports will be coming about the extent of damage to the wheat crop. As mentioned yesterday morning, these are the types of volatile markets that we believe you should keep an offer in play for Old Crop corn. Contact your local Grain Marketing Advisor or dial 877-778-2226 for more information or to leave an offer.